CIMA F2 Exam : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:
What is VW's interest cover for the year ended 30 September 20X7?

A. 3.3
B. 5.1
C. 4.5
D. 4.1

Question 2

XY puchased 2% of the equity shares of FG on 1 October 20X3.
XY paid $25,000 for the shares as well as a transaction cost of 2.5% of the purchase price.
The shares are being held for short term trading and XY intend to sell them in December 20X3.
At the year end of 31 October 20X3, the shares in FG could be sold for $28,000.
What is the journal entry to record the subsequent measurement for this investment at 31 October
20X3?

A. Debit investment in equity shares $2,375 and credit other reserves $2,375.
B. Debit investment in equity shares $3,000 and credit profit or loss $3,000.
C. Debit investment in equity shares $2,375 and credit profit or loss $2,375.
D. Debit investment in equity shares $3,000 and credit other reserves $3,000.

Question 3

Which of the following, in accordance with IFRS 2 Share-based Payments, are only applicable to the accounting treatment of cash settled rather than equity settled share-based payment schemes?
Select ALL that apply.

A. The expense of the scheme is spread to profit or loss over the vesting period.
B. The credit entry in the financial statements is to liabilities.
C. The instruments in the scheme are remeasured at the end of each financial year to fair value.
D. The credit entry in the financial statements is to equity.
E. The instruments in the scheme are measured at the fair value at the grant date of the scheme.

Question 4

ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the value of goodwill to be included in the consolidated statement of financial position of ST as at 31 December 20X5?

A. $950,000
B. $570,000
C. $1,450,000
D. $450,000

Question 5

GH is seeking to finance a substantial new project that is guaranteed to enhance the profitability of the entity. Its key determinants in deciding upon the best source of finance are to balance the following requirements:
1) to minimise the costs of issue of the finance;
2) to avoid the need to find cash to repay the source of finance; and
3) to ensure that the long-term gearing level does not increase.
Which of the following financing options best meets these requirements?

A. Initial public offering of ordinary shares
B. A term loan
C. Redeemable preference shares
D. Convertible loan stocks

Solutions: